Industrial Heating and Cooling Inc. has a 6-month backlog of orders for its patented solar heating system. To meet this demand, management plans to expand production capacity by 40% with a $15 million investment in plant and machinery. The firm wants to maintain a 0.43 debt-equity ratio in its capital structure; it also wants to maintain its past dividend policy of distributing 55% of last year's net income. In 2015, net income was $8 million. How much external equity must Saanich seek at the beginning of 2016 to expand capacity as desired?